The U.S. Small Business Administration announces today that federal
economic injury disaster loans are available to small businesses, small
agricultural cooperatives and most private non-profit organizations of
all sizes located in Wisconsin as a result of frost and freeze
conditions that occurred on May 4-15, 2010.
“When the Secretary of Agriculture issues a disaster declaration to help
farmers recover from damages and losses to crops, the Small Business
Administration issues a declaration to assist eligible entities affected
by the same disaster”
The SBAs disaster declaration includes the following counties: Barron,
Buffalo, Chippewa, Clark, Door, Dunn, Eau Clarie, Jackson, Kewaunee,
LaCrosse, Pepin, Rusk, Taylor and Trempealeau.
When the Secretary of Agriculture issues a disaster declaration to help
farmers recover from damages and losses to crops, the Small Business
Administration issues a declaration to assist eligible entities affected
by the same disaster, said Frank Skaggs, director of SBAs Field
Operations Center East in Atlanta.
Under this declaration, the SBAs Economic Injury Disaster Loan program
is available to eligible farm-related and nonfarm-related entities that
suffered financial losses as a direct result of this disaster.
Agricultural producers, farmers and ranchers are not eligible to apply
to SBA.
The loan amount can be up to $2 million with a 3 percent interest rate
for non-profit organizations, 4 percent for small businesses and terms
up to 30 years. The SBA determines eligibility based on the size of the
applicant, type of activity and its financial resources. Loan amounts
and terms are set by the SBA and are based on each applicants financial
condition. These working capital loans may be used to pay fixed debts,
payroll, accounts payable, and other bills that could have been paid had
the disaster not occurred. The loans are not intended to replace lost
sales or profits.
Disaster loan information and application forms may be obtained by
calling the SBAs Customer Service Center at 800-659-2955 (800-877-8339
for the hearing-impaired) Monday through Friday from 8 a.m. to 6 p.m.
EDT or by sending an e-mail to disastercustomerservice@sba.gov.
Loan applications can be downloaded from the SBAs website at www.sba.gov.
Completed applications should be mailed to: U.S. Small Business
Administration, Processing and Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
Those affected by the disaster may apply for disaster loans from SBAs
secure website at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than April
25, 2011.
For more information about the SBAs Disaster Loan Programs, visit our
website at www.sba.gov.
Release Number: 10-686, WI
Source: Business Wire
